Switching is easy

Over 60% of businesses are not happy with the service they receive from their accountant yet every year they go back to them and pay good money for poor service.  This is puzzling.  If you received poor food and service at a restaurant, you wouldn’t continue to go there, so why do the same with your accountant?

We believe that many business owners don’t make the change because they think all accountants are the same or that it’s too hard to make the switch.  Well, as you know from our previous blogs, not all accountants are the same!  A great accountant can be the difference between your business thriving or just surviving.  Running a business is tough, so make sure you get the service and support you need to make things easier and less stressful.  Below we have outlined just how to change accountants in Perth – it’s easy to switch and get the support you deserve.

Another reason business owners hesitate to make a change is because they believe that switching accountants is difficult and time consuming.  Don’t be fooled into thinking that your accounts are so complex that making a switch would be difficult.  A good accountant can quickly and easily review your accounts to get an idea about your financial position.   Then, with a few questions about your goals and aspirations they will be able to identify opportunities for you and your business.  So meet with a few accountants, ask for an obligation free review and then make your comparisons.

A quick and simple way to make a change

Once you find an accountant you like and who will support you in achieving your goals and improving your business, you are ready to make the switch.  This is easy because your new accountant will actually manage the whole process for you.  They simply contact your previous accountant and take charge from there.  It really is that easy so let us help you make the change.

We are so confident you will prefer our accountancy service to the one you are currently getting that we are offering 20% off your last accountancy fee.  CLICK HERE to find out more.

How to find the right accountant in Perth

Last week we looked at the benefits of having a good accountant on your side when it comes to growing and improving your business.  How do you know you are choosing a good one?  Comparing accountants can be difficult.  How do you know what questions you should be asking and what information you need to collect to be able to find the right accountant in Perth?

Don’t just go with your gut instinct, ask the right questions and find someone you can work with over the long term to deliver ongoing business improvement.  We have put together a list of questions you should consider.  Once you have the answers it will be easier to make an informed decision.

1. Are you comfortable chatting with them?

Firstly you need to choose an accountant you’re comfortable with.  This is someone you will be working closely with to maximise your business success.  You must feel comfortable asking any question no matter how trivial it may seem and not be afraid to broach any topic with them.

Then you need to ensure that you understand what they are telling you so that you gain the benefits you desire.

Many accountants are great with numbers but their “jargon” can be difficult to understand.  Make sure you choose someone who explains things to you  in plain English.  Also ensure that they take the time to review your business, explain your position and what you can do to improve it in the long term, if necessary.

2. What level of service do you need?

Another important consideration is the level of support and service you want to receive from your accountant.  If you just want “cheap and cheerful”, you’re not going to get much in the way of service or added benefits.  If you want someone who takes a proactive approach by monitoring your business affairs and advising where improvements can be made, you will need to ensure the accountant is able to offer you this level of service.

If you want someone who will help you to drive your business forward, look for an accountant who is accessible and will provide regular communication and advice.

Location is also a big factor.  Many cheap services are run off shore and there is not always the opportunity to communicate with an accountant directly.  Make sure you choose someone local who is easily contactable.

3. How much are you prepared to pay?

Some accountants will charge you a fixed fee for the work they do.  While this means that you will know from the start how much the service will cost you, you must consider whether you want just the basics or a high level of service.  Accountants who provide the latter offer more comprehensive professional services.  They usually charge by the hour – this may cost a bit more, but it’s worth it in the long run.

4. What payment options are available?

Some accountants offer fixed price monthly billing that will allow you to spread the cost over the course of a year.  This can make budgeting a bit easier, so make sure you ask about payment options.

5. Is the accountant fully qualified?

If you are looking to find the right accountant in Perth, be sure to check that they are qualified.  Anyone can hang up a shingle but professional bodies guarantee quality.  Ensure that your accountant is either a Chartered Accountant (CA) or Certified Practicing Accountant (CPA) – both are regulated and are required to undergo ongoing professional development to ensure their knowledge remains up to date.

6. What are your needs?

Start by compiling a list of your requirements and find an accountant who has the appropriate expertise to assist you in these areas.

7. Where do I find the right accountant in Perth?

It’s very easy to find a long list of accountants on the Internet, but be wary.  Money can buy a fancy website, but this isn’t necessarily an indication of the service you will receive.  A personal referral is still the best way to find reputable and reliable accountants.  Failing this, make sure you meet with several accountants, ask questions and look at the range of services and benefits each one can offer you.

8. What is the size of the practice?

As a general rule of thumb, large accounting firms deal with large companies, mainly because their accounts are large and complex.  Smaller accounting firms understand the needs of small businesses, so you are more likely to receive the level of attention you require.

9. What questions should I ask?

• Which professional bodies are you and your firm associated with?
• What are your accounting qualifications?
• Who will be preparing my accounting and taxation work?
• How do you charge for your work?
• Do you specialise in any specific field?
• Do you have any clients I could speak with regarding your services?
• What can you offer me and my business?
• Why should I choose your accounting services?

So, in summary, the “DOs” and “DON’Ts” of choosing an accountant are:

DO

• Ask lots of questions.
• Request a meeting with clients.
• Look for testimonials on the firm’s website.
• Ask friends about their accountants – perhaps they can recommend one.
• Ask what the accountant can do for you and why you should entrust them with your work.
• Shortlist potential accountants and meet with them to confirm if their services meet your needs.
• Look for an accountant whose charges and payment options suit you.
• Look for an accountant who will take the time to explain your financials to you.  To be successful in business, it is essential that you understand your numbers.

DON’T

• Use price as the only deciding factor.  Quality service is an investment, not a cost.  Cheap service may cost you far more in the long run.
• Leave finding an accountant until the last minute.  This causes delays in required lodgements and penalties may be applied by the ATO.
• Choose the first accountant you meet.  It is an important decision, so take your time and weigh up your options.
• Misrepresent your business position.

We hope this helps you find the right accountant in Perth to suit your needs.  If you would like an obligation-free appointment, we can explain how BSN & Co have helped other businesses and individuals get the service they deserve.

If you make the switch to BSN & Co, we are offering 20% off your last accountancy fee*, CLICK HERE to find out more.

What makes a good accountant in Perth?

When choosing an accountant to assist you to manage your business, ensure you remain compliant and meet all your taxation requirements, you need to give this important decision due consideration.  A good accountant in Perth can be the difference in business survival and success.

Many people just think about their accountant in terms of lodging their tax returns and completing their financial statements.  Yes, this is part of their role, however with an in-depth understanding of your business, your financials and the insight they have from working with other businesses across a variety of industries, they are well positioned to help you improve your business, increase your profits and reduce costs.  That is, of course, if you make the right choice!

If you are simply thinking about an accountant in terms of BAS, tax and financial statements it can be easy to think that all accountants are the same, that they all do the same job and will provide you with the same service.  This is not the case, so choose wisely and your accountant can have a huge impact upon your business success. It cans sometimes be hard to find a good accountant in Perth, we have made the decision easy for you, read on to see what we think is a good accountant in Perth and see why so many individuals and business choose BSN and Co.

How can an accountant help my business?

Running a business can be lonely and very stressful.  You have so many competing priorities that it can sometimes be hard to see the wood from the trees and this can lead to poor decision making.  Your accountant should know your goals and objectives, not only for this year, but for the next 5 years, making them the perfect sounding board when you have an important decision to make.  They will look at your business impartially and give you advice based upon the figures, your goals and your previous performance.  This can be the difference between success and failure! This is the beginning of a good accountant in Perth.

An independent sounding board

Many people believe that they can simply discuss important business decisions with friends and family.  Sure, it can be helpful to get other opinions, however in most cases these are just that, opinions.  They are not based upon facts, evidence or data and, most importantly, they are not based upon professional knowledge and experience.  Free advice of this sort can be the most expensive advice you ever receive as it could potentially send your business under.

A good accountant in Perth will help guide you, answer questions and provide professional advice based upon knowledge and experience.  This can be the difference between your business surviving and thriving, or not.

Improve your systems and processes

A good accountant in Perth will also work with you to implement systems and processes that will improve your business, making it more efficient, saving you time and reducing your cost of compliance.  This makes running your business easier and improves your chances of success.  With less time spent on the basic administrative roles you can focus on growing your business and delivering exceptional customer service.

Communicate information

A good accountant in Perth will communicate with you regularly, so they’ll know you and your business inside out.  They will also help you understand the numbers, taking the time to explain what they mean and how you can use them to improve your business moving forward.  They can even provide you with real time data on your business so you can make informed decisions about your business as it stands now, not based upon historic data.  This means you can be far more responsive to changes in your business and take advantage of opportunities as they arise, maximizing your success.

Your business is your livelihood – surely this is worth investing in to achieve your financial goals.

A summary of how a good accountant in Perth will help you:

1. Save you money.
2. Reduce the stress of having to worry about cash flow and taxes.
3. Identify opportunities for improving your business.
4. Recoup the cost of their services through improved business performance.
5. Ensure you are structured to effectively reduce tax and protect your assets.
6. Make sure you are taking full advantage of potential tax deductions to reduce your tax liability.
7. Keep you informed about changing tax laws, as well as opportunities to improve your business and past performance trends.
8. Act as a sounding board for new ventures and investments.
9. Help you translate financials for management decisions.
10. Save you time and allow you to focus your attention on the things you are good at.

To ensure you are getting the full range of benefits from your accountant, you need to consider them as an asset to your business and not just an additional expense.  Keep them involved and informed about your changing business.  By doing so, you will reap the rewards.

For an obligation-free meeting, call us today and we will be happy to discuss your business, your needs and ways that we can assist you.  We are so confident that you will prefer our service that we are offering 20% OFF your last accountancy fee when you switch to BSN & Co. Are you ready to experience what a good accountant in Perth can do for you?

*All you need to do is present your last accountancy fee and we will beat it by 20% with our first accountancy fee.  Offer applies to the same service provided by your previous accountant.  Fill in the form below to book your appointment and see how we can make a clear difference.

Are you doing too much?

As a small business owner it’s hard to juggle your work and personal life.  It’s important to run your business effectively and still have a life outside the office.  You need a good balance between work and play for your health and well-being.  Small business owners often fall into the trap of working too hard, ending up exhausted from the constant work demands associated with their business management.

Why you need balance

Working too much without taking time out for yourself and your family can quickly become counterproductive.  You’ll be tired, stressed and irritable, leaving you unable to perform optimally and your business management will suffer.  As a result, you’ll be more likely to make mistakes and snap at people who are important to you and your business.

Some dangers of overworking include:

• Missing opportunities because you’re too busy.
• Being short-tempered with your staff, affecting their attitude and performance.
• Treating your family poorly, resulting in an uncomfortable home life.
• Working to the point of burn out or illness.
• Losing the passion that prompted you to start your business in the first place.

Avoid burn out

There are a number of things you can do to scale down your workload and regain a sense of balance; some of the following will help.

Start delegating

Delegating will take some of the pressure off you, free up time for more urgent and important tasks and allow you some leisure time to relax.

Create good systems

Develop a clear operations manual for each process in your business.  When set up, this will let you and key staff take a break; it will also streamline training when someone new joins the business.

Stretch and walk

Take a few minutes every so often to get up from your desk to stretch and go for a walk.  It’s good for your body and will help you stay focused.

Talk to your family

Ask them for suggestions and input – they’ll probably see things that you can’t.

Network with other business owners

Chat to other business owners who seem to be working normal hours.  You’ll stop feeling so isolated and you might get some valuable advice.

Take mini breaks

Schedule mini breaks in your diary such as taking a day off once a month, a week off every 12 weeks, or perhaps take every second Friday off.

Re-evaluate your client base

Do you have customers who take up far too much of your time for very little gain?  Find a polite way to stop doing business with them or pass them on to staff members to deal with.

Stay motivated

Staying passionate and motivated to do your best in your business is important.  If you find you just don’t have the energy you once had, your staff and business will suffer.  Take action before you start to enter a negative downward spiral.

You could try the following:

• Set exciting and challenging new goals.
• Share your goals with your staff so everyone understands what you want to achieve.
• Set measurable ‘stepping stones’ to the main goals and celebrate each achievement.
• Refresh your daily routine.  Allocate time in your diary for key daily activities such as checking emails, meetings, and visiting clients.

By staying motivated and avoiding burnout you’ll have the foundations in place to enjoy running your business again, while also retaining a fulfilling life outside of work.

If you need help with Business Management in Perth, call us today on 9204 3733 or  Contact Us – we will be happy to help.  We can offer our Management Consulting service which can assist you.

Some key points that could affect your business

Immediate changes:

•  Small Business Entities (SBE) (annual turnover < $2M) can immediately deduct assets (plant and equipment, motor vehicles) acquired for use in the business costing less than $20,000, as opposed to $1,000 previously.
•  Assets > $20,000 can still be pooled and depreciated at 15% in the first year then 30% the second year onwards.
•  Pool can be fully written off once balance falls below $20,000; includes existing pools.
•  These changes only apply from 12 May 2015 (7.30pm AEST) to 30 June 2017, after which the previous $1,000 threshold reverts.

Changes effective 1 July 2015:

•  28.5% tax rate for SBE companies (30% rate for non SBE companies remains).
• Maximum franking credit rate still 30% for all companies.
• Taxpayers with business income from an unincorporated business – e.g. individuals, partnerships, trusts (must be an SBE) eligible for small business tax discount, being 5% of income tax payable on the business income only.  This discount is capped at $1,000, delivered as a tax offset.
• Car deductions to change as follows:

• Cents per km flat rate of 66 c/km only regardless of engine size and type.
• 12% of original value and 1/3 of actual expenses methods to claim no longer available.
• Individuals wishing to claim for > 5,000 kms will be required to claim under the log book method.

• Zone Tax Offsets limited to individuals actually residing in zones > 183 days, FIFO and DIDO workers being excluded from zone offsets.
• Professional expenses (legal fees, accounting fees) for setup of businesses immediately deductible as opposed to being amortised over 5 years.

Changes effective 1 July 2016:

• SBEs can change structure without attracting a CGT liability at that point (however no mention of stamp duty costs, which will apply).
• Primary producers can immediately deduct capital expenditure on fencing and water facilities such as dams and water towers; as for fodder storage assets such as silos, they can be depreciated over 3 years.

FBT:

• From 1 April 2016, the fringe benefits tax exemption which applies in respect of the SBE employer providing an employee with one portable electronic device primarily for work related use only, has been expanded to include multiple portable electronic devices.
•  From 1 April 2016, a separate single grossed up cap of $5,000 for salary sacrificed meal entertainment and entertainment facility leasing expenses will be introduced and apply to employees in “not for profits”; where exceeded may be counted in calculating whether an employee exceeds the existing cap of benefits generally in “not for profits”.
• From 1 April 2016, all meal entertainment benefits will be reportable.

Other changes:

• From 1 July 2017, GST will be extended to cross border supplies of digital products and services imported by consumers.
• Individuals with a HELP debt going overseas for more than 6 months will be required to register with the ATO from 1 January 2016, and those residing overseas will be required to repay the debt.
• From 1 July 2016, individuals will not be able to receive government assistance for Parental Leave Pay if their employer provides parental leave entitlements.
• Medicare Levy low income thresholds for 2014/2015 as follows:

• Individuals $20,896 (up from $20,542)
• Families $35,261 (up from $34,367)
• A new single Child Care Subsidy (CCS) will be introduced on 1 July 2017. Families meeting the “activity test” (workplace participation) with annual incomes up to $60,000 will be eligible for a subsidy of 85% of fees and this will taper to 50% for families with incomes of $165,000.  For families with annual incomes of $180,000+ the CCS will be capped at $10,000 per child per year.

For a full list of available documents please CLICK HERE.

If you need help or advice in your business and are looking for an accounting firm that listens, then Contact Us.  We look forward to hearing from you.